VANCOUVER, BC ¨C February 25, 2014 – SilverCrest
Mines Inc. (¡°SilverCrest” or “the Company”) is pleased to
announce it has received notice of exercise of the Underground Mine Option from
Sandstorm Gold Ltd. (¡°Sandstorm¡±) for the Santa Elena Mine, Sonora, Mexico.
This Option allows Sandstorm to purchase 20% of the gold produced from
underground operations at the Santa Elena.  In consideration of exercise
of the option, Sandstorm will make an additional upfront deposit of US$10
million to the Company on or before March 17, 2014 and will continue to make
ongoing per ounce payments of US$350 until 50,000 ounces of gold have been
delivered to Sandstorm, inclusive of 18,593 ounces already received from
open-pit production, at which time the payments will increase to US$450 per
ounce of gold. 

N. Eric Fier, President and COO commented; “The upfront
deposit of US$10 million will improve our cash balance and further enhance the
Company¡¯s financial position to achieve its 2014 goals for the mine expansion
at Santa Elena. We are pleased with Sandstorm¡¯s expression of confidence in
Santa Elena Mine, and our continued mutually beneficial relationship.¡±

SilverCrest Mines Inc. (TSX: SVL; NYSE MKT:
SVLC) is a Canadian precious metals producer headquartered in
Vancouver, BC. SilverCrest¡¯s flagship property is the 100%©\owned Santa Elena Mine, located 150 km
northeast of Hermosillo, near Banamichi in the State of Sonora, M¨¦xico. The
mine is a high©\grade,
epithermal silver and gold producer, with an estimated life of mine of 8 years
and operating cash costs of $11 per ounce of silver equivalent (55:1 Ag:Au) for
the open pit heap leach and underground mine. SilverCrest anticipates that the
new 3,000 tonnes per day conventional mill facility at the Santa Elena Mine
should recover an average annual rate of 1.5 million ounces of silver and
32,800 ounces of gold over the current reserve. Major expansion and
construction of the 3,000 tonnes per day conventional mill facility is nearing
completion and is expected to significantly increase metals production at the
Santa Elena Mine (open pit and underground) in 2014 and beyond. Exploration
programs continue to make new discoveries at Santa Elena and also have rapidly
advanced the definition of a large polymetallic deposit at the La Joya property
in Durango State with stated resources of almost 200 million ounces of Ag
equivalent.

FORWARD-LOOKING STATEMENTS

This news release contains ¡°forward-looking
statements¡± within the meaning of Canadian securities legislation and the United
States Securities Litigation Reform Act of 1995. Such forward-looking
statements concern the Company¡¯s anticipated results and developments in the
Company¡¯s operations in future periods, planned exploration and development of
its properties, plans related to its business and other matters that may occur
in the future.  These statements relate to analyses and other information
that are based on expectations of future performance, including silver and gold
production and planned work programs. Statements concerning reserves and
mineral resource estimates may also constitute forward-looking statements to
the extent that they involve estimates of the mineralization that will be
encountered if the property is developed and, in the case of mineral reserves,
such statements reflect the conclusion based on certain assumptions that the
mineral deposit can be economically exploited.

Forward-looking statements are subject to a
variety of known and unknown risks, uncertainties and other factors which could
cause actual events or results to differ from those expressed or implied by the
forward-looking statements, including, without limitation: risks related to
precious and base metal price fluctuations; risks related to fluctuations in
the currency markets (particularly the Mexican peso, Canadian dollar and United
States dollar); risks related to the inherently dangerous activity of mining,
including conditions or events beyond our control, and operating or technical
difficulties in mineral exploration, development and mining activities;
uncertainty in the Company¡¯s ability to raise financing and fund the
exploration and development of its mineral properties; uncertainty as to actual
capital costs, operating costs, production and economic returns, and
uncertainty that development activities will result in profitable mining
operations; risks related to reserves and mineral resource figures being
estimates based on interpretations and assumptions which may result in less
mineral production under actual conditions than is currently estimated and to
diminishing quantities or grades of mineral reserves as properties are mined;
risks related to governmental regulations and obtaining necessary licenses and
permits; risks related to the business being subject to environmental laws and
regulations which may increase costs of doing business and restrict our
operations; risks related to mineral properties being subject to prior
unregistered agreements, transfers, or claims and other defects in title; risks
relating to inadequate insurance or inability to obtain insurance; risks
related to potential litigation; risks related to the global economy; risks
related to the Company¡¯s status as a foreign private issuer in the United
States; risks related to all of the Company¡¯s properties being located in
Mexico and El Salvador, including political, economic, social and regulatory
instability; and risks related to officers and directors becoming associated
with other natural resource companies which may give rise to conflicts of
interests.Should one or more of these risks and uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may vary
materially from those described in the forward-looking statements.  The
Company¡¯s forward-looking statements are based on beliefs, expectations and
opinions of management on the date the statements are made.  For the
reasons set forth above, investors should not place undue reliance on
forward-looking statements.

The information provided in this news
release is not intended to be a comprehensive review of all matters and
developments concerning the Company. It should be read in conjunction with all
other disclosure documents of the Company. The information contained herein is
not a substitute for detailed investigation or analysis. No securities
commission or regulatory authority has reviewed the accuracy or adequacy of the
information presented.

Neither TSX Exchange nor its
Regulation Services Provider (as defined in the policies of the TSX Exchange)
accepts responsibility for the adequacy or accuracy of this release.